Receiver Sues 3 In $22 Million Ponzi Scheme

CHICAGO (CN) - Beta Asset Management and Brad A. Weaver took $22 million from more than 100 people in a Ponzi account by claiming they could make money by trading in "error accounts," Beta's receiver claims in Federal Court. The receiver claims the three defendants in this case - all of Santa Barbara, Calif. - made $2.7llion from the scam.

Defendants are Mark Vehslage, his wife Heather Lengyel, and Richard Schripsema, all of Santa Barbara.

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